LET Group has lost another director, leaving Andrew Lo, the company’s Chairman and owner, as the only remaining member of its board—marking the second time in less than a year that Lo has been the sole director.

LET Group Holdings is facing challenges after two independent non-executive directors resigned, resulting in non-compliance with Hong Kong Stock Exchange (HKEX) rules.

The Securities and Futures Commission (SFC) of Hong Kong announced on Friday that it has initiated legal proceedings to secure a share repurchase order aimed at protecting independent minority shareholders of LET Group and Summit Ascent. 

LET Group Holdings Limited, through its subsidiary Suntrust Resort Holdings, is progressing with its flagship 5-star hotel and casino project in Manila, Philippines.

The LET Group has issued a profit warning for the first half of the year, noting that it expects to record a loss for the period, reversing a profit of HK$450.6 million ($57.8 million) seen in 1H23.

The LET Group has approved the disposal of its Russian assets, including the Tigre de Cristal casino in Russia.

Andrew Lo Kai Bong, the head of LET Group, Summit Ascent, and Suntrust—companies listed in Hong Kong and the Philippines—is reportedly working to lift Ukrainian sanctions imposed on him.

The extraordinary general meeting by the LET Group to vote on the disposal of its Russian assets, including Tigre de Cristal, has been set for August 15th.

LET Group Holdings Limited announced the appointment of three new independent non-executive directors with auditing and accounting experience, as its Hong Kong trading suspension has been lifted.

Hong Kong-listed LET Group Holdings Ltd. aims to convert its share of losses in a joint venture into an accounting profit.